PG&E Remains Committed to Providing Safe Natural Gas and Electric
Service to Customers as It Prepares to Initiate Voluntary Reorganization
Cases Under Chapter 11

Natural Gas and Electric Service Expected to Continue Without
Disruption; Company Focused on Safety and Continuing Community
Restoration and Rebuilding Efforts

Intends to Use Court-Supervised Process to Achieve Orderly, Fair and
Expeditious Resolution of Potential Liabilities Resulting from 2017 and
2018 Northern California Wildfires

Expects Process Will Assure Access to Capital and Resources Necessary
to Support Ongoing Operations and Enable PG&E to Continue Investing in
its Systems, Infrastructure and Wildfire Mitigation Initiatives

January 14, 2019 06:14 AM Eastern Standard Time

SAN FRANCISCO--(BUSINESS WIRE)--PG&E Corporation (NYSE: PCG) (“PG&E” or “the Company”) said today it
remains committed to providing safe natural gas and electric service to
customers as it prepares to initiate voluntary reorganization
proceedings under Chapter 11. The Company today provided the 15-day
advance notice required by recently enacted California law that it and
its wholly owned subsidiary Pacific Gas and Electric Company (the
“Utility”) currently intend to file petitions to reorganize under
Chapter 11 of the U.S. Bankruptcy Code on or about January 29, 2019.

During this process, the Company is also committed to continuing to make
investments in system safety as it works with regulators, policymakers
and other key stakeholders to consider a range of alternatives to
provide for the safe delivery of natural gas and electric service for
the long-term in an environment that continues to be challenged by
climate change. PG&E expects that the Chapter 11 process will, among
other things, support the orderly, fair and expeditious resolution of
its potential liabilities resulting from the 2017 and 2018 Northern
California wildfires, and will assure the Company has access to the
capital and resources it needs to continue to provide safe service to
customers.

The Company does not expect any impact to electric or natural gas
service for its customers as a result of the Chapter 11 process. PG&E
remains committed to assisting the communities affected by wildfires in
Northern California, and its restoration and rebuilding efforts will
continue. The Company also expects that its employees will continue to
receive their pay and healthcare benefits as usual.

John R. Simon, PG&E Corporation Interim CEO, said, “The people affected
by the devastating Northern California wildfires are our customers, our
neighbors and our friends, and we understand the profound impact the
fires have had on our communities and the need for PG&E to continue
enhancing our wildfire mitigation efforts. We remain committed to
helping them through the recovery and rebuilding process. We believe a
court-supervised process under Chapter 11 will best enable PG&E to
resolve its potential liabilities in an orderly, fair and expeditious
fashion. We expect this process also will enable PG&E to access the
capital and resources we need to continue providing our customers with
safe service and investing in our systems and infrastructure. Everyone
at PG&E knows that our single most important responsibility is safety,
and we recognize that we must work even harder every day to demonstrate
that the safety of our customers, our communities, our employees and our
contractors comes first.”

Richard C. Kelly, Chair of the Board of Directors of PG&E Corporation,
said, “Following a comprehensive review with the assistance of our
outside advisors, the PG&E Board and management team have determined
that initiating a Chapter 11 reorganization for both the Utility and
PG&E Corporation represents the only viable option to address the
Company’s responsibilities to its stakeholders. Our goal will be to work
collaboratively to fairly balance the interests of our many
constituents—including wildfire victims, customers, employees,
creditors, shareholders, the financial community and business
partners—while creating a sustainable foundation for the delivery of
safe service to our customers in the years ahead. The Chapter 11 process
allows us to work with these many constituents in one court-supervised
forum to comprehensively address our potential liabilities and to
implement appropriate changes.”

The Company expects that the Chapter 11 process will, among other things:

Enable continued safe delivery of natural gas and electric service to
PG&E’s millions of customers;

Support the orderly, fair and expeditious resolution of PG&E’s
potential liabilities resulting from the 2017 and 2018 Northern
California wildfires;

Enable PG&E to continue its extensive restoration and rebuilding
efforts to assist communities affected by the 2017 and 2018 wildfires
in Northern California;

Allow the Company to work with regulators and policymakers to
determine the most effective way for customers to receive safe natural
gas and electric service for the long-term in an environment that
continues to be challenged by climate change; and

Assure the Company has access to the capital and resources necessary
to support ongoing operations and enable PG&E to continue investing in
its systems, infrastructure and critical safety efforts, including
investing in its Community Wildfire Safety Program, an additional
precautionary safety measure implemented following the 2017 Northern
California wildfires to further reduce wildfire risk.

PG&E has engaged in discussions with potential lenders with respect to
Debtor-in-Possession (“DIP”) financing. PG&E expects to have
approximately $5.5 billion of committed DIP financing at the time it
files for relief under Chapter 11 on or about January 29, 2019, and has
received highly confident letters from a number of major banks. The DIP
financing will provide PG&E with sufficient liquidity to fund the
Company’s ongoing operations, including its ability to provide safe
service to customers.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are serving
as the Company’s legal counsel, Lazard is serving as its investment
banker, and AlixPartners LLP is serving as the restructuring advisor to
PG&E.

Additional Resources

Additional information is available in a Form 8-K that the Company today
filed with the U.S. Securities and Exchange Commission. Further
resources for customers and other stakeholders are available on the
Company’s website at pge.com/reorganization.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a Fortune 200 energy-based holding
company, headquartered in San Francisco. It is the parent company of
Pacific Gas and Electric Company, an energy company that serves 16
million Californians across a 70,000-square-mile service area in
Northern and Central California. For more information, visit http://www.pgecorp.com.
In this press release, they are together referred to as “PG&E.”

Cautionary Statement Concerning Forward-Looking Statements

This release includes forward-looking statements that are not historical
facts, including statements about the beliefs, expectations, estimates,
future plans and strategies of PG&E. These statements are based on
current expectations and assumptions, which management believes are
reasonable, and on information currently available to management, but
are necessarily subject to various risks and uncertainties. In addition
to the risk that these assumptions prove to be inaccurate, other factors
that could cause actual results to differ materially from those
contemplated by the forward-looking statements include factors disclosed
in the Corporation’s and the Utility’s annual report on Form 10-K for
the year ended December 31, 2017, their quarterly reports for the
quarters ended March 31, 2018, June 30, 2018, and September 30, 2018,
and their subsequent reports filed with the SEC.